Denmark: Interest rates pressing pension companies
Article Abstract:
The falling interest rates are pressing the insurance companies in Denmark. Several companies are in risk of technical insolvency by the end of the year and some even within a few weeks. According to Forsikring&Pension, the trade association for the insurance and pension industry, this is a result of the square regulations for interest guarantees. At present the estimated interest rate for the pension companies' earnings after tax in 2002 is 4% but in two weeks Det Finansielle Virksomhedsrad, the Danish Financial Activities Council, will hold meeting a meeting when the interest is expected to be lowered. This would lead to the pension companies having to earmark funds to guarantee the customers returns. The trade association is of the opinion that the present model for calculating the expected interest rate is inaccurate and therefore wish to enter a dialogue with the government to find a new model.
Publication Name: Boersen
Subject: Business, international
ISSN:
Year: 2001
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DENMARK: SKANDIABANKEN IN DENMARK REPORTS LOSS
Article Abstract:
SkandiaBanken in Denmark reports a DKr11.4 million pre-tax loss in the first six months of 2001. In the same period last year SkandiaBanken had a DKr4.5 million loss. However, the result is better than expected. The bank has made major changes in its organization and has invested considerable amounts of money in marketing etc. SkandiaBanken expects a total loss of DKr25 million in 2001.
Publication Name: Boersen
Subject: Business, international
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Year: 2001
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DENMARK: CODAN'S FIRST QUARTER RESULTS
Article Abstract:
Codan, the Danish insurance company, reports a DKr279mn (US$34mn) loss for the first quarter of 2001. This is a decline from a DKr210mn profit in the same period last year. The drop is largely ascribed to a loss due to depreciation. Despite this, the company sticks to its forecast of a pre-tax profit of between DKr600mn and DKr800mn for the whole year 2001.
Publication Name: Boersen
Subject: Business, international
ISSN:
Year: 2001
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